Financial planning puts on the part to financial freedom. This is the dream of every business owner. After years of dedication and commitment to work, every entrepreneur wants to have a good return on their investment(ROI). Whether you are an employee, a student, or a business person, we all have different financial goals.
Although your goals may require huge financial expenses, with the right financial planning, you can achieve them. Getting into a financial crisis is an unpleasant experience nobody wishes for. Unfortunately, this has been the fate of so many people. However, over the years, there has been some respite due to innovations in financial technology. With the right financial planning tools, you are not only able to analyze your finances, but you can also plan your expenses and track your spending.
In this article, I will introduce you to some of the best tools you can use to plan and manage your finances effectively. Here are my picks for the best financial planning tools.
Riskalyze is an essential tool for investors who want to manage risk while taking advantage of the opportunities available for investment. This tool provides you with one of the best scientific theory to help you objectively pinpoint an investor’s risk number. It is an effective tool with a powerful risk analytics for investors to assess risk and get powerful results.
Also, you can use the portfolio risk to assess how much risk an investor has thereby making good investment decisions. With the retirement map, an investor can determine how much risk they are willing to take to achieve their goals using the risk capacity calculator.
With Riskalyze, you can build a portfolio with the amount of risk an investor should take on. If you want to make good investment decisions, Riskalyze is a good tool to go for.
2.Compound Interest Calculator
The compound interest calculator created by the US securities and exchange commission, helps you calculate how much your money can grow using compound interest.
You set aside the total amount you have available to invest (Your initial investment). Chose how much you plan to be adding to or withdraw from the initial principal every month (Monthly contribution). Chose the length of time in years you plan to save. Impute your estimated annual interest rate (Estimated interest rate). Also, you have to Set your range of interest rate that you want to see results for (Interest rate variance range). Finally set the times per year that the interest will be compounded (Compound frequency). Hit the calculate button and you get your result.
The compound interest calculator is very easy to use, and can help you make good savings for your investment for your business.
Personal capital is free software that helps you manage your finances by syncing all your accounts in one location. It comes in 3 packages that provide you with 3 unique services. They include:
- Free money management tool
- Retirement management tool
- Weelth management tool
These tools are designed to help you meet your financial goals by creating a realistic budget, track spending, and make reasonable savings. It can also help you make long-term financial planning like savings for business, education, and plan for retirement. The software has a retirement planner you can use to assess your chances of retirement success based on your current financial status. It comes with a dashboard that has all your accounts in one place and also gives you a real-time view of all your finances. You don’t have to worry about the security of your account as the tool is built with multiple layers of security in all its components.